China

Zhongtai Securities Co priced its first international bond on Thursday, finding a narrow window to bag $300m before markets turned volatile once again.

JP Morgan has appointed a vice-chairwoman of global investment banking (GIB) for China as it continues to grow in the market.

The pipeline for additional tier one issuance from Chinese banks is building up unabated, with Bank of Jinzhou receiving approval from the China Banking Regulatory Commission to raise up to Rmb10bn ($1.5bn).

The State Council publishes a series of policies to attract foreign investment, a People’s Bank of China (PBoC) advisor said China will unlikely follow the Federal Reserve in hiking rates this year, and the Ministry of Commerce (MofCom) criticises an US investigation into intellectual property rights in China.

Deutsche Borse is preparing to launch a Bond Connect offering later this year to further facilitate China access, but data from across the market shows global investors are still weighing up the China fixed income opportunity.

Chinese live streaming platform YY tapped the US market this week with a block sale of American Depositary Shares (ADS), capitalising on a surging stock price. Bankers are preparing for a raft of similar block sales — as well as a growing list of US IPOs from Chinese companies. Jonathan Breen and John Loh report.

Peugeot Citroën’s joint venture in China is set to return to the China ABS market after a year away. The auto maker will offer investors only one tranche, down from the two tranches in its 2016 debut, but the deal size will triple to Rmb3bn ($449.8m).

Hong Kong-based Zhongtai Financial International has turned to offshore investors with an inaugural dollar bond backed by a keepwell deed from Chinese brokerage Zhongtai Securities.

Transport and tourism services provider Zhuhai Holdings Investment has sealed a successful return to the loan market through an increased HK$2bn ($255.7m) financing. The company, which tapped offshore liquidity after two years away, launched the deal at HK$1.5bn.

Peugeot Citroën’s joint venture in China is coming back to the ABS market on August 22 after a year-long absence. The automaker will approach investors with only one tranche, trimming from the two tranches offered on its debut. But that will not impact the size — the originator plans to triple its fund-raising with a Rmb3bn ($449.8m) offer.

Chinese real estate company Cifi Holdings printed its first perpetual bond on Tuesday, raising $300m. But although the company hit its target, it opted for an aggressive pricing strategy and orders plummeted from over $4bn to $1.1bn.

A $300m three year fundraising for pharmaceutical company China Medical System Holdings has generated a strong response, with 24 banks forming the syndicate.